Profit after tax is now expected to be 15-20% higher than 2002-03. The company had been previously working towards a lift of 5-10%.
"We are well advanced in our planning for 2005," said managing director Roger Olds. "We had previously forecast 50% growth over the three years from 2003-2006, but we now expect to achieve that growth by the end of 2005."
The revision was based on better-than-expected results from core business arms and acquired businesses, said Olds. Neither of the two delayed aid-funded contracts in Iraq were factored into financial forecasts.
"Due to strong performance of the Coffey business in the second half of 2003-04, we have been able to exceed our expectations without reliance on the contributions from the Iraq contracts," he said.
"When they are implemented all profit will be surplus to our forecast."
Coffey said it would continue to pursue its acquisition strategy, with its latest purchase expected to be finalised by the end of the month. Its last purchase was IT Environmental in March.
Coffey International's consulting businesses include Coffey Geosciences, Control Testing Laboratories, Water Studies, Soil and Rock Engineering and IT Environmental.
